THE FOURTH

Sovereign Wealth
Funds Conference
The Fourth Sovereign Wealth Funds Conference Proceedings 2017

Proceedings
2017

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 Sponsors

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 Table of Contents

PROCEEDINGS CONTENT
Sponsors………………………………………………………………………......……………………………......……………………………......……………………….02
Organizing Committee………………………………………………………….....……………………………......……………………………......………….......04
Acronyms……………………………………………………………………….....……………………………......……………………………......………………………05
Executive Summary…………………………………………………………….....……………………………......……………………………......………………….06
Presentation Summaries…………………………………………………………..……………………………......……………………………......……………….07
Conclusions and Next Steps……………………………………………………....……………………………......……………………………......………………09

APPENDICES
Meeting Agenda…………………………………………………………………..……………………………......……………………………......…………………….10
Speaker Biographies……………………………………………………………....……………………………......……………………………......…………………12
Panelist Biographies……………………………………………………………....……………………………......……………………………......………………….14
Written Remarks by Dr. Abdullah AlHassan……………………………………...……………………………......……………………………......……….19
Slideshow of Mr. Michel Noel…………………………………………………....……………………………......……………………………......………………20
Slideshow of Mr. Omar Namoos & Mr. Kareem Nakshbendi………………….....……………………………......……………………………......40
Slideshow of Dr. Abdullah AlHassan……………………………………………..……………………………......……………………………......……………51
Slideshow of Dr. Michael Papaioannou & Mr. Bayasgalan Rentsendorj………………………………………......……………………………..59
Slideshow of Dr. Ghiyath Nakshbendi…………………………………………....……………………………......……………………………......………….73
Pictures from the Conference……………………………………………………..……………………………......……………………………......………………78

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 Organizing Committee
Ghiyath Nakshbendi, Co-Chair
Jeffrey Harris, Co-Chair
Robert Brockmeijer, Conference Coordinator

STRATEGIC COMMUNICATION
Sherita Holt
Edward Kobus
Jamie McCrary
Carrie Moskal
Katya Popova
Ali Yares

VOLUNTEERS
Bader Alkadi
Faris Alotaibi
Aleena Butt
Jen Chiang
Rachel Donnelly
Ben Pitler

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 Acronyms
AU American University
GCC Gulf Cooperation Council
KSB Kogod School of Business
NCUSAR The National Council on U.S.-Arab Relations
SIF Strategic Investment Funds
SWFs Sovereign Wealth Funds
SWFI Sovereign Wealth Fund Institute

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 Executive Summary
American University’s Kogod School of Business (KSB) Conference speakers and panelists included
convened its fourth annual Sovereign Wealth Fund (SWF) representatives from The International Monetary Fund,
Conference on October 10, 2017 at American University The World Bank, The National Council on U.S.-Arab
(AU) in Washington, D.C. The conference examined recent Relations, The Institute of International Finance, and
changes in the roles and rules around sovereign wealth major law firms representing countries from major SWFs.
funds since last year’s meeting. With the world subjected In addition, the conference included speakers from other
to drastic changes during 2017 — ranging from less than boutique organizations active in the areas of finance and
desirable oil prices to the oil producing countries, to more commerce, education, and think tanks.
intense regional conflict in areas in the Middle East (like
Yemen, Syria and Iraq), to a deficit in the Gulf Cooperation SWFs, as defined by the International Monetary Fund,
Council countries (GCC), coupled with the United are “a special purpose investment fund or arrangement,
Kingdom’s decision to exit the European Union and a owned by the general government. Created by the
new president in the U.S. — SWFs are being challenged to general government for macroeconomic purposes, SWFs
accommodate new realities in the marketplace as well as hold, manage, or administer financial assets to achieve
the political space. The 2017 Conference was entrusted to financial objectives, and employ a set of investment
assess the major topic of, “The Changing Roles and Rules strategies, which include investing in foreign financial
of Sovereign Wealth Funds.” assets. SWFs are commonly established out of balance of
payments surpluses, official foreign currency operations,
Four keynote speakers and 11 panelists presented papers the proceeds of privatizations, fiscal surpluses, and/or
and remarks. receipts resulting from commodity exports.” The activities
of SWFs are becoming more transparent due to changes
The conference was generously supported by The in technology and pressures from the media.
Embassy of the State of Qatar in the U.S., The National
Council on U.S.-Arab Relations (NCUSAR), the Kogod Following the proposed 2008 Santiago Principles,
School of Business, and American University. Since the individual SWFs are becoming more and more
first Sovereign Wealth Funds Conference at American transparent due to a new spirit of sharing information, a
University in October 2014, the world has experienced greater commitment to be more factual in the investment
drastic changes. Oil prices have plummeted, only sphere, and incentives to implement Principles to
partially recovering toward previous levels. Saudi Arabia reap higher scores based on these Principles. Global
maintained its production levels along with others changes on all fronts impact the operation of the SWFs.
in the OPEC. In the meantime, most oil producing More recently, a major trend in the field has been the
countries experienced heaving reductions in revenues increasing focus of SWFs to manage their own funds and
and consequently decided to liquidate some of their to utilize external managers only on a targeted basis,
holdings in various sovereign wealth funds, borrow in the when appropriate.
international markets, and/or issue bonds (conventional
and Islamic -sukuk-) to maintain fiscal stability. The world The Fourth Sovereign Wealth Funds Conference was
of sovereign wealth funds changed within this context, entrusted to assess “The Changing Roles and Rules
leading some to question the real functions and missions of Sovereign Wealth Funds.” The conference aims to
of these funds. Thus, the major topic addressed by the generate interest in the area of SWFs in terms of new
fourth annual SWF conference was whether and how the courses and research in this area, which has been
roles and rules of these funds changed during the past largely neglected because of its particular nature and
year. the “sovereign” focus of these funds. While the limited
focus may have been true in the past, technological
Below is a brief synopsis of the conference. advancement and the growing global footprint of SWFs
have increased interest in how SWFs function and interact
The first Keynote speaker was unable to attend, the with global financial conditions.
second was a seasoned diplomat with an intimate
knowledge of the GCC including the management of
a very important GCC-U.S. business council. The third
keynote was an executive from the World Bank, while the
fourth speaker was the executive managing director of
the Institute of International Finance, and the last keynote
speaker was the founding president and chief executive
officer of the National Council on Us-Arab Relations.

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 Presentation Summaries
Most of the speakers and panelists provided either between state and private sectors, with more access to
written papers, statements, and/or PowerPoint Public-Private-Partnership opportunities.
presentation slides, all of which are being included as
appendices of this proceedings.
ASSESSMENT OF THE PAST
As a background, the world and mainly the Gulf In assessing the past performance of the SWFs, the State
Cooperation Council Countries (GCC, major players in the of Qatar was mentioned as an exemplar. Two things
SWF sector), have experienced drastic changes on several emerged: one is that the managers of SWFs are typically
fronts: (1) relatively low oil prices for the past two years, highly qualified regardless of nationality, and the second
(2) regional conflict in the area (Syria, Iraq, Yemen and the is that SWFs have expanded beyond their historical
recent disrupted cooperation among the GCC countries), comfort zone of investing in real estate into other areas
(3) Brexit and its impact on the EU which alters relations like technology. As in some other GCC countries, Qatar’s
with the GCC, and (4) the 2017 start of a new U.S. budget estimate is based on approximately two-thirds
administration. To assess the above factors, we examine of concurrent oil prices, which is a smart (and relatively
the GCC, which represent 40% of SWFs worldwide. The conservative) move. SWF investments are based on
GCC are experiencing strong population growth which is economic/financial reasoning and not political objectives.
creating stress on sovereign budgets. Also, we assume (Alternatively, a financially poor SWF investment could be
that the countries in question (mostly Saudi Arabia, UAE, implemented simply to provide some other benefit to the
and Qatar) will be central in the reconstruction efforts host country.)
in Syria, Yemen, and Iraq, which will create additional
financial obligations and stress on the GCC as well. Turning the page into other investments, some SWFs
have been investing in alternative asset classes with
If we focus on recent SWF activities, we notice more lots of cash flow (presumably to match sovereign cash
involvement in technology and investment in more obligations). In the meantime, one other SWF objective
risky businesses compared to their historical tradition (aside from traditional capital preservation and/or
of investing in real estate and other stable equities. In growth) involves the desire to transfer technology, as
addition, increased SWF investment is being directed in the case of Saudi Arabia and UAE. Some acquisitions
to emerging markets, including India and China, among have provided the SWF with opportunities to partner with
others. major companies worldwide — quite a departure from
past efforts, when SWFs were merely silent investors.
The 2017 change in the U.S. administration was Clearly, in the last few years SWFs have attempted to
associated with the growing trend of economic introduce new industries to the SWF home country to
nationalism and a figurative “declaration of war” on expand job opportunities for its citizens.
countries and companies who were instrumental in
“taking away” jobs from the U.S. This change signaled that Is there a shift in focus between economic and political
a significant part of the country has bought the idea that motives of SWF investments? The traditional function/
foreigners have caused problems for the U.S. In addition, purpose of the SWF remains the same, as an insurance
the new U.S. administration attempted to ignite conflict for fiscal imbalance when the country’s industries are
with the largest five economies in the world by undoing struggling. Thus, SWFs remain relatively unattractive to
the Iran deal negotiated and signed by the Obama outside investors. In this light, SWFs could be viewed as
administration. political investments rather than economic investments.
Following this logic, there was a view expressed that SWFs
New types of SWFs have emerged, including Strategic in some of the lower per capita income GCC countries
Investment Funds (SIF) with the mission of promoting may decline in value.
wealth growth for the country in question. Some SIFs are
fully owned by the government, while others are partially In the future, SWFs are expected to create new funds.
owned by the government or some government-owned For sure, there is growing interest in green growth
institutions. More than 30 of these SIFs have been formed investment, infrastructure, and development (in addition
in the last 15 years. The good news is that these funds are to SIFs). SWFs view these areas as investments with
being managed with focus on the suitability of internal unique challenges and opportunities. In the meantime,
rates of return, are subject to economic rate of return SWFs cannot ignore changes in world markets. SWFs are
thresholds, and are accompanied by political and partial seen moving from the typical fixed income and cash to
risk guarantees. These operations are being positioned

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 more broadly include public equity, private equity, real be direct investment and should stay away from indirect
estate, infrastructure, and other alternative assets. investment (e.g. via hedge funds). Future investment
should focus on infrastructure, education, agriculture,
Crashing commodity prices were followed by the GCCs healthcare, and other local industries. It is proposed that
running fiscal deficits. In the search to find sources to SWFs work as a coalescing agent to bring government,
balance budgets, SWFs were faced with the need to business, investors, and entrepreneurs together to
liquidate assets or borrow in the open markets. In other maximize the country’s general welfare.
countries like Norway, the rule is that non-oil budget
deficits should be, on the average, 3 percent of the SWF If we look at the finance world, there are inequities
over time. in decision making. Some of the GCC countries have
invested heavily in training their citizens all over the
SWFs continue to invest domestically and abroad. In world. The interrelationship between the GCC and the
general, the best asset/debt management in a country U.S. is very close and rewarding. For example, we have
with a growing SWF involves first paying down some of military bases in Bahrain, Qatar, and facilities in Kuwait,
the country’s debt, followed by reducing debt to create among others. Gulf oil benefited from Kuwait’s loan
a more stabilized economy that would allow passing when it was having financial problems. Saudi Arabia,
some surplus to the SWF as a financial cushion for future in addition, has more than 300,000 citizens that were
generations. educated in the U.S. Kuwait and Qatar are building
projects in the U.S. We should remember that some
Many SWFs increasingly focus on training locals to investments of the GCC countries have an impact on the
manage these funds all over the world. These efforts host country in Europe as well (such as Kuwait investment
create employment opportunities and provide a more in the U.K.). Q8 (owned by Kuwait) has a well-known retail
local perspective to the management of these funds. gas facilities in Europe. Each of these examples highlights
This trend has decreased SWF reliance on outside help the interrelations between countries with SWFs and both
and advice. Some investments are increasingly focused the U.S. and Europe.
on local medical and software technology, which is
disproportionately important to both local investors as Lastly, one additional benefit of SWFs is that SWFs can
well as the home country firms and citizens. There is facilitate the movement to privatize some government-
a concern that the new U.S. administration may limit owned businesses. This privatization (moving from
investment from investors abroad to curtail future government management to private management)
transfers of technology. typically results in greater efficiency and better
integration of the private sector into the economic life of
In addition, SWFs play “dollar diplomacy” from time to the country.
time. Mainly in the Middle East, where there is a higher
level of uncertainty, some countries put a premium on Above all, SWFs serve to link economic, political, and
the financial insurance provided by SWFs. It was noted investment goals within a country. This triangle should be
that on the political side, U.S. influence is declining in the balanced in a way by which one area of the other must
region while Russian influence is gaining ground. On the be emphasized or deemphasized from time to time, as
decision-making side, political leaders are taking a more economic and political realities dictate.
aggressive approach in using wealth to advance national
interests. In short, SWFs are being used in offensive and
defensive politics. The warning is justified, “money in
politics is a combustible mixture, and if you don’t get the
formula right, it can blow up in your face.”

A departure from current thinking, some believe

there is a need to drastically change the use of some
financial indicators and measurements applied to
making investment recommendations. Therefore,
relying on standard indicators is not the way to develop
recommendations for the SWFs investment. The way
forward is to focus on operational efficiencies and to
expand business models across the investment sphere,
while in the meantime exploring how to create teams
to focus on business models across industries that can
generate value. In a sense, part of the effort should be to
create and develop SWF talent. SWF investment should

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 Conclusions and Next Steps
The major theme was to assess “The Changing Roles and A special thanks goes to Robert Brockmeijer, the
Rules of Sovereign Wealth Funds.” The changes in the Conference Coordinator, who worked tirelessly to have
oil prices impact all oil producers. Budget imbalances, these proceedings ready for publication in its final format,
regional conflicts, Brexit, and the new U.S. administration from editing to organizing the contents. Lastly, many
have all affected the current and the future of the SWFs thanks to my colleagues from Kogod who helped with this
worldwide. SWF operations are also impacted by these conference along with many wonderful volunteers.
changes. Worldwide, more countries have become
interested in establishing and developing their own SWFs. Ghiyath Nakshbendi
For further information, contact me at:
It is clear that SWFs were subjected to so many changes [email protected].
in the past year. In the face of these changes, SWFs
have entered new sectors, focused increasingly on their
domestic markets, and continue to navigate uncharted
waters in some emerging markets. Fiscal difficulties
have made getting involved in more risky projects more
acceptable. Involvement in some historically “forbidden”
ventures is also becoming more acceptable. The appetite
to invest in technology, infrastructure, healthcare and
other new areas is increasing. In short, SWFs are reacting
to the marketplace changes by accepting the challenge to
alter their strategies.

The next step is to continue assessing developments

which are taking place within the SWF space, including
the changes in asset allocations and shifting fund
allocations for political purposes. It remains to be seen
how SWFs will react to the changes in the political and
financial terrain of Europe, the continuing economic
development in the Middle East, and the changing role of
the world superpowers. Some of these issues are topics
to be addressed during the Fifth Sovereign Wealth Funds
Conference which will take place on Wednesday, October
2018, at American University.

I would like to acknowledge the enormous help received

from the distinguished guest speakers and panelists. Dr.
Harris, the Conference co-organizer, provided valuable
input in developing questions for the conference to
address, suggestions for structuring the conference, and
editing assistance for this volume. Thanks also to Dr.
Michael Papaioannou for his continued support of this
conference over the last four years. In addition, many
thanks to Dr. Timothy Timura who capably presented the
closing remarks at the Conference as a substitute for Dr.
Harris.

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 Fourth Sovereign Wealth Fund Conference Agenda
THE CHANGING ROLES AND RULES OF SOVEREIGN WEALTH FUNDS
Wednesday, October 11, 2017

7:30 – 8:00 AM Registration and Breakfast

8:00 – 8:10 AM Welcome

Senior Associate Dean for Academic Affairs Dr. Ajay Adhikari
Kogod School of Business, American University

8:10 – 8:20 AM Opening Remarks

Dr. Ghiyath Nakshbendi
International Business Department, Kogod School of Business, Affiliate Faculty, School of
International Service, American University

8:20 – 9:20 AM Keynote Remarks

H.E. Dr. Hazem Beblawi
Executive Director, International Monetary Fund; Former Prime Minister, Arab Republic of Egypt
[Absent]
Ambassador (Ret.) Patrick N. Theros
General Partner, Theros & Theros, LLP
Mr. Michel Noel
Head of Investment Funds, Finance & Markets, The World Bank

9:30 – 10:30 AM Panel A: Assessment of the Past

Moderator: Dr. Abderrahim Foukara
Bureau Chief and host of Min Washington (From Washington), Al-Jazeera Satellite Channel,
Washington D.C.
Mr. Mohammed Barakat
Managing Director, US-Qatar Business Council
Mr. Omar Namoos
Founder, Greystone Advisory Group
Mr. John Vogel
Senior Counsel, Crowell & Moring LLP
Dr. John Willoughby
Professor, Department of Economics, College of Arts and Science, American University

10:30 – 11:00 AM Coffee and Networking Break

11:00 AM – 12:00 PM Panel B: The Future Expectations

Moderator: Dr. Michael Papaioannou
Visiting Scholar and Professor at the LeBow School of Business, Department of Economics, Drexel
University
Dr. Abdullah Al-Hassan
Economist, International Monetary Fund
Mr. Geoffrey Davis
Partner, Squire Patton Boggs
Ambassador (Ret.) Adam Ereli
President, C&O Resources

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 Mr. Bayasgalan Rentsendorj
Senior. Membership Manager, International Forum of Sovereign Wealth Funds (IFSWF)
Dr. Timothy Timura
Dept. of Finance, Kogod School of Business, American University

12:15 – 1:30 PM Lunch

Keynote Remarks: Dr. John Duke Anthony
Founding President and Chief Executive Officer, National Council on U.S.-Arab Relations
Mr. Hung Q. Tran
Executive Managing Director, Institute of International Finance

1:40 – 1:50 PM Closing Remarks

Dr. Timothy Timura
Dept. of Finance, Kogod School of Business, American University

1:50 – 2:00 PM Conference Adjournment

Dr. Ghiyath Nakshbendi
International Business Department, Kogod School of Business, Affiliate Faculty, School of
International Service, American University

2:00 – 3:00 PM Networking

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 Speaker Biographies 
Dr. John Duke Anthony
Founding President, National Council on U.S.-Arab Relations

John Duke Anthony is the Founding President and Chief Executive Officer of the
National Council on U.S.-Arab Relations. On June 21, 2000, H.M. King Muhammad
VI of Morocco knighted Dr. Anthony, bestowing upon him the Medal of the Order
of Ouissam Alaouite, the nation of Morocco’s highest award for excellence. Dr.
Anthony currently serves on the United States Department of State Advisory
Committee on International Economic Policy and the Committee’s Subcommittee
on Sanctions. Dr. Anthony is the only American to have been invited to each of
the Gulf Cooperation Council’s Ministerial and Heads of State Summits since
the GCC’s inception in 1981. Annually since 2009, he has chaired and served as
the core lecturer in the Council’s Annual 10-Week University Student Summer
Internship Program’s yearly Academic Seminar on “Arabia and the Gulf.” He is
former Chair, Near East and North Africa Program, Foreign Service Institute,
U.S. Department of State as well as former Chair of the Department’s Advanced
Arabian Peninsula Studies Seminar.

Dr. Hazem Beblawi

Executive Director, International Monetary Fund; Former Prime Minister, Arab Republic
of Egypt

Hazem Beblawi is the Executive Director for the constituency of Bahrain, Egypt,
Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab
Emirates, and Yemen in the International Monetary Fund (IMF), since November
1, 2014. In this capacity, he serves on the 24-member Executive Board of the IMF.
Hazem Beblawi was Prime Minister of Egypt from 2013-2014. Previously, he was
the Deputy Prime Minister and Minister of Finance of Egypt from July-December
2011. He was an Advisor in the Arab Monetary Fund on from 2001-2011. During
1995-2000, Mr. Beblawi was the Executive Secretary at the U.N. Economic and
Social Commission for Western Asia (ESCWA). Mr. Beblawi was the Chairman and
CEO of the Export Development Bank of Egypt during 1983-1995. Mr. Beblawi
holds a PhD in economics from the University of Paris. He also studied law and
Political Economy at Cairo University. Mr. Beblawi is married, with three children.
He is the author of several books, mostly on banking, finance, international
trade and development. He also writes articles in a column for Al Ahram, a well-
renowned Egyptian newspaper. Mr. Beblawi was awarded Chevalier de le Legion
d’Honneur, France; Commandeur, “Leopold II,” Belgium; Grand Officier, “Cedre du
Liban;” and is a recipient of an “Order of Merit” from the Republic of Egypt.

Mr. Michel Noel

Head of Investment Funds, Finance & Markets, The World Bank

Michel Noel is currently Head of Investment Funds in the Finance and Markets
Global Practice, Equitable Finance and Institutions Vice-Presidency of the World
Bank. Previously, Michel was Practice Manager for Non-Bank Financial Institutions
in the Finance and Markets Global Practice and Lead Financial Sector Specialist
in the Africa Region and in the Europe and Central Asia Region of the Bank. He
was on secondment from the Bank to Dexia Asset Management in Geneva and
London from 2000 to 2003 working on local infrastructure private equity funds.
Previously, Michel held a number of positions in the Africa and Europe and
Central Asia Regions of the Bank. He also consulted for the OECD Development
Research Center in Paris. Michel holds a MA in Economics and Social Sciences
from the University of Namur, Belgium.

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 Ambassador (ret.) Patrick Theros
General Partner, Theros & Theros, LLP

Patrick Theros is a general partner at Theros & Theros, LLP. Prior, he was
President and Executive Director of the US-Qatar Business Council. Amb. Theros
also serves as Member of the Board of Advisors for the Center for Contemporary
Arab Studies, Georgetown University and Member of the Board of Directors,
Qatar Foundation, USA. Amb. Theros served as U.S. Ambassador to Qatar from
1995 until his retirement from the U.S. Foreign Service in 1998. He previously
held the position of Deputy Coordinator for Counterterrorism, responsible for the
coordination of all U.S. Government counterterrorism activities outside the United
States.

Mr. Hung Q. Tran

Executive Managing Director, Institute of International Finance

Hung Q. Tran is the Executive Managing Director of the Institute of International

Finance (IIF),assisting in the overall management of the IIF while also leading the
Global Capital Markets Department. Prior to his work at the IIF, Mr. Tran served
for six years at the International Monetary Fund as Deputy Director, Monetary
and Capital Markets Department, where his responsibilities included the overall
management of the Fund’s semi-annual Global Financial Stability Report. He also
served from 1998 to 2001 in London as the Managing Director, Chief Economist/
Global Head of Research for Rabobank International. He had spent the prior
12 years with Deutsche Bank with assignments in New York, Frankfurt and
Singapore including serving as Director of Global Fixed Income Research from
1987-1990 and as Co-Founding Managing Director of Deutsche Bank Research
from 1991-1995 and as Head of Equity Business for the Deutsche Bank Group in
Asia-Pacific (1995-1998). Earlier in his career he had worked in international fixed
income research for Merrill Lynch and Salomon Brothers in New York. Mr. Tran
received his undergraduate and graduate degrees in Economics from California
State University and completed the doctoral program in Economics at New York
University.

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 Panelist Biographies
Dr. Abdullah AlHassan
Economist, IMF; [email protected], +1-202-701-9319

Abdullah is an economist at the IMF. He has more than 8 years of experience

covering a wide range of financial stability issues. He has also been involved in
designing macroeconomic and financial policies, assessing financial safety nets,
developing government debt markets, and issues relating to sovereign asset
and liability management. He worked on several countries across different
regions in the context of Article IV consultations, FSAP, IMF lending programs,
and TAs. Abdullah led several missions on sovereign asset management, public
debt management, and macro-financial stability issues. During 2012-14, he
coordinated the work of the International Forum of Sovereign Wealth Funds,
and updated the IMF’s Guidelines for Foreign Exchange Reserve Management.
Abdullah published several papers in both practitioner and academic journals.
In 2010, he was awarded the Ibn Khaldun prize for the young economist from
the Middle East Economic Association. He holds a B.A. in business administration
from King Faisal University, M.S. and Ph.D. in economics from University of
Kansas.

Mr. Mohammed Barakat

Managing Director, US-Qatar Business Council

Mr. Mohammed Barakat joined the U.S.-Qatar Business Council in 2013. He was
Director until December 2015, when he was appointed by the Board of Directors
as Managing Director of the US-Qatar Business Council. In this position, he works
with the public and private sectors to promote new and expanded business
relations between U.S. and Qatari companies. In addition, he is involved with and
manages wide range of activities in programs, advisory services, market research,
and member services. He also provides business and cultural advisory services to
both U.S. and Qatari companies. Prior to joining The US-Qatar Business Council,
Mr. Barakat was a Business Strategy Advisor at the U.S.-Saudi Arabian Business
Council (2011-2013) where he provided business and strategy advisory services to
both U.S. and Saudi companies across different industries to facilitate trade and
investment between both countries. Earlier in his career, he worked in business
development for a major Qatari holding group expanding their international
partnership and business portfolio (2008-2011). He also worked in the United
Arab Emirates as a marketing manager for a major construction and engineering
group (2006-2008). Previously, and under different capacities, Mr. Barakat
developed strategic business plans and provided political and economic analysis,
social analysis, and security analysis for several companies and organizations
in Jordan, Egypt, Bahrain, UAE, Qatar, and the United States (2004-2006). Mr.
Barakat was also a defense contractor for the U.S. Defense Intelligence Agency
(DIA). Mr. Barakat holds a BA in Political Science and Public Administration, as well
as an Advanced Degree in Business Strategy from Cornell University. He currently
resides in Washington, DC where he is actively involved with the Middle Eastern
business and cultural community.

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 Mr. Geoffrey G. Davis
Partner, Squire Patton Boggs

Geoffrey G. Davis is Partner at Squire Patton Boggs. At the firm, he concentrates

his practice in domestic and international business transactions. He has extensive
global experience in private equity transactions on behalf of one of the largest
private equity investors in the world and has consummated more than 200
substantial private equity transactions in the United States, Europe and Asia
in recent years. Mr. Davis holds a master’s degree in international law from
Cambridge University.

Ambassador (ret.) Adam Ereli

President, C&O Resources
Ambassador (ret.) Adam Ereli is the President C&O Resources, a private
consultancy for governments and private sector clients in the Middle East. He is
also the founder and Principal of The Ibero American Group, a strategic advisory
firm based in Washington DC. Ambassador Ereli is a proven leader and innovator
in the fields of foreign government relations, business development, commercial
advocacy, public diplomacy, media relations and crisis communications. As Vice
Chairman of Mercury Public Affairs from 2013-2016, Ambassador Ereli led the
firm’s international practice and represented large corporate and sovereign
accounts, including the Governments of Qatar, Nigeria, Uganda and Japan. As
a diplomat for 24 years with the U.S. Department of State, Ambassador Ereli
established a network of close relationships at the senior levels of government and
business in the United States and the Middle East. He served as U.S Ambassador to
the Kingdom of Bahrain (2007-2011), Deputy State Department Spokesman (2003-
2006) Principal Deputy Assistant Secretary of State for Educational and Cultural
Affairs (2011-2013), Minister-Counselor for Public Affairs in Iraq (2008-2009),
Deputy Chief of Mission in Qatar (2000-2003), in addition to diplomatic postings
in Egypt, Syria and Yemen and Ethiopia. Ambassador Ereli has a Bachelor’s degree
from Yale University and a Master’s degree from the Fletcher School of Law and
Diplomacy at Tufts University. He speaks French and Arabic.

Dr. Abderrahim Foukara

Bureau Chief and host of Min Washington (From Washington), Al-Jazeera Satellite
Channel, Washington D.C.

Abderrahim Foukara is Al-Jazeera Satellite Channel’s Washington DC Bureau Chief

and host of Min Washington (From Washington), one of the Arab world’s most
successful and influential shows. Min Washington offers Arab viewers in-depth
and well-informed analysis of U.S. affairs and their impact on North Africa and the
Middle East. As a veteran journalist with unique insight into U.S. as well as Middle
East politics, Abderrahim Foukara has been an essential voice in the U.S. media’s
coverage of the Arab Spring, bringing more clarity and context to it, appearing as
a commentator on Face the Nation, CNN, and NPR, among others. Time Magazine
featured him in its Feb 22, 2011 issue as part of its focus on Al Jazeera’s coverage
of the region’s dramatic changes. Prior to joining Al-Jazeera in 2002, Dr. Foukara
was Senior Editor of AllAfrica.com, one of the world’s largest providers of African
news and analysis. He came to that position from The World, a Boston-based co-
production of the BBC World Service, PRI, and WGBH-Boston. Dr. Foukara moved
to the United States in 1999 from London where had worked in various capacities
at the BBC for nine years. Born in Morocco, he holds a Ph.D. in Apartheid Studies.

15
 Dr. Jeffrey Harris
Gary D. Cohn Goldman Sachs Chair In Finance, Chair, Finance and Real Estate
Department, Kogod School of Business, American University; Director and Chief
Economist, Division of Economic and Risk Analysis (DERA), U.S. Securities and Exchange
Commission

Director and Chief Economist, Division of Economic and Risk Analysis, U.S.
Securities and Exchange Commission, 2017-present. Gary Cohn Goldman Sachs
Chair in Finance, Kogod School of Business, American University, 2013-2017.
Dean’s Chair in Finance, Whitman School of Management, Syracuse University,
2011-2013. Professor, University of Delaware, 2006-11. Ph.D., Business
Administration, Finance,The Ohio State University, 1995. M.B.A., Finance, The
University of Iowa, 1987. B.A., Physics, Economics Minor, The University of Iowa,
1986

Dr. Ghiyath Nakshbendi

Executive in Residence, Kogod School of Business International Business Department,
American University

Ghiyath Nakshbendi is Executive in Residence at American University. He was

one of the first group of sovereign wealth funds experts working for Kuwait
Investment Authority headquarters in Kuwait, the oldest sovereign wealth fund in
the world at the time. He teaches graduate and undergraduate courses in project
finance, microfinance, export-import management, international business and
the global marketplace. Ghiyath was a pioneer in introducing Islamic finance to
American University. He has extensive international business experience. His
early career in academia which was followed by more than 35 years working in
developmental financing, Sovereign Wealth Funds (SWFs) and commercial real
estate. Dr. Nakshbendi has worked in business in 15 countries in the Middle
East and North Africa, the U.K., France and Switzerland. He is active in U.S. and
international organizations and has frequent international and domestic speaking
engagements, including two speaking tours with the U.S. State Department.
Ghiyath is a Fulbright scholar.

Mr. Omar Namoos

Founder, Greystone Advisory Group

Omar Namoos is the Founder of Greystone Advisory Group, a provider of

financial advisory and investment banking services to corporate and financial
investors globally. During his career, Mr. Namoos has provided strategic advice
to leading industrial and capital goods manufacturers and service providers. He
has advised clients on mergers and acquisitions, public debt and equity offerings
and alternative capital raising transactions, among others. Mr. Namoos was most
recently a Managing Director at Mizuho Bank. Prior to that, he was a Managing
Director at Evercore Partners where he led the North American Aerospace
& Defense practice and an Executive Director in Corporate Finance at UBS
Investment Bank, where he served as a senior coverage officer for their North
American aerospace and defense industry. He also previously held positions at
Morgan Stanley, J.P. Morgan and Booz Allen & Hamilton. Mr. Namoos served as
a Captain in the U.S. Air Force where he earned several citations for exemplary
performance and meritorious service. He received a BS in electrical engineering
at University of California, Los Angeles, an MS in electrical engineering from the
University of California, Irvine and an MBA from the Anderson School at UCLA.

16
 Dr. Michael Papaioannou
Visiting Scholar and Professor at the LeBow School of Business, Department of
Economics, Drexel University

Dr. Michael G. Papaioannou is a Visiting Scholar and Professor at the LeBow

School of Business, Department of Economics, Drexel University and serves as an
Expert at the International Monetary Fund. He was a Deputy Division Chief at the
Debt and Capital Markets Instruments, Monetary and Capital Markets Department
of the International Monetary Fund until July 2017. While at the IMF, he served as
a Special Adviser to the Governing Board of the Bank of Greece and led numerous
IMF missions on establishing and managing SWFs, designing and implementing
sovereign asset and liability management frameworks, and developing economic
and financial policies for emerging and developed countries. Prior to joining
the IMF, he was a Senior Vice President for International Financial Services
and Director of the Foreign Exchange Service at the WEFA Group (Wharton
Econometrics Forecasting Associates) and served as Chief Economist of the
Council of Economic Advisors of Greece. He has also taught as Adjunct Associate
Professor of Finance at Temple’s FOX School of Business and was a Principal
Research Fellow at the University of Pennsylvania, Department of Economics, LINK
Central. He holds a Ph. D. in Economics from the University of Pennsylvania and
an M.A. in Economics from Georgetown University, and has published extensively
in the area of international finance.

Mr. Bayasgalan Rentsendorj

Senior Membership Manager, International Forum of Sovereign Wealth Funds

Bayasgalan Rentsendorj is Senior Membership Manager at the International

Forum of Sovereign Wealth Funds, based in London.Prior to joining IFSWF,
Bayasgalan was a Senior Research Officer at International Monetary Fund in
Washington DC, where he published research on SWF strategic asset allocations
and managed a knowledge-sharing platform for IFSWF Member SWFs. Bayasgalan
has also worked with the Asian Development Bank and the Bank of Mongolia (The
Central Bank). He is also a Fellow at Bocconi University’s Sovereign Investment
Lab.Bayasgalan is a graduate of Williams College in Massachusetts, where he
earned a MA in Policy Economics. He received his MBA with distinction from the
University of Oxford.

Dr. Timothy Timura

Dept. of Finance, Kogod School of Business, American University

Dr. Timothy Timura, CFA is an Executive in Residence in Finance and Real Estate
and the Faculty Director of the Student Managed Investment Fund (SMIF) and the
Real Estate Investment Trust Fund (REIT). Prior to Kogod, Professor Timura spent
over 30 years as an institutional money manager with Federated Investors, the
State Teachers Retirement System of Ohio, and Principal Financial. A Chartered
Financial Analyst and a University of Wisconsin-Madison Applied Security Analysis
Program alumnus, Timothy earned doctorates from the University of Pennsylvania
and Case Western Reserve University and completed post doctoral studies (with a
focus on Alternative Assets) at the University of Florida-Gainesville.

17
 Mr. John Vogel
Senior Counsel, Crowell & Moring LLP

John Vogel is a senior counsel and member of the Corporate Group in Crowell &
Moring’s Washington, D.C. office. John represents U.S. and foreign companies in
conventional and Islamic equity and debt public and private financing transactions
involving real estate investment, leasing and infrastructure projects, as well as
restructurings, privatizations, project financings, and domestic and cross-border
joint ventures and commercial contracts. He has represented sovereign wealth
funds in the direct and indirect acquisition, management, and disposition of U.S.
real property, and in connection with the liquidation in over 40 countries of one of
the world’s largest international banks following its collapse. John is president and
chairman of the board of the Fulbright Association, the U.S. alumni organization of
over 100,000 Fulbright Scholarship recipients. He has taught Islamic finance at the
University of Pennsylvania Law School and Georgetown Law School, and he has
spoken on international panels and written extensively on the subject of Islamic
finance. John was recognized by the Finance Monthly Law Awards 2017 as Islamic
finance lawyer of the year for the U.S

Dr. John Willoughby

Professor, Department of Economics, American University

John Willoughby is a Professor at American University. He has recently returned

from a two-year stay in Sharjah, United Arab Emirates, where he helped create an
undergraduate economics program at the new American University of Sharjah.
Dr. Willoughby has also taught at the American University in Cairo as a visiting
professor. His teaching interests include European Economic History, American
Economic History, Political Economy, and History of Economic Thought. Dr.
Willoughby holds a PhD in Economics from the University of California, Berkeley,
and a MA in Economics from Cambridge University.

18
 Written Remarks by Dr. Abdullah Alhassan
As commodity prices may stay low for longer, it is critical
to assess the relationship between bridging financing
gaps and asset accumulation/liquidation of SWFs, within
a broader context of SALM. Thus, there is a need to align
the management of the SWF to the fiscal framework
through inflow and outflow rules, the balance between
debt repayment and asset accumulation, and appropriate
investment strategies that timely meet financing needs.

While many resource-based economies faced the recent

decline in commodity prices from a position of financial
strength, it is critical to further develop an asset-liability
framework given financing needs over the short to
medium-term. Thus, it will be necessary to integrate
the management of sovereign assets and liabilities in
a manner to maximize the resilience of the sovereign
balance sheet. In this context, appropriate assessments
of liquidity risk on both the asset and liability sides of the
sovereign balance sheet will play a central part.

19
 Slideshow of Mr. Michel Noel

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 Slideshow of Mr. Omar Namoos &
Mr. Kareem Nakshbendi

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 Slideshow of Dr. Abdullah AlHassan

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 Slideshow of Dr. Michael Papaioannou &
Mr. Bayasgalan Rentsendorj

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 Slideshow of Dr. Ghiyath Nakshbendi

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 Pictures from the Conference

Michel Noel

Parthiban David

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 Abderrahim Foukara

John Willoughby

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 John Willoughby

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 (L-R): Abderrahim Foukara, Omar Namoos, John Willoughby, Mohammed Barakat, and John Vogel

Rachel Donnelly

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 Bayasgalan Rentsendorj

Ghiyath Nakshbendi (left) and Kent Baker

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 Ereli (left) and Geoffrey G. Davis

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 John Willoughby, Mohammed Barakat, and John Vogel

(L-R): Abderrahim Foukara, Omar Namoos, John Willoughby, Mohammed Barakat, and John Vogel

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 Mohammed Barakat (left) and John Vogel

Abderrahim Foukara, Omar Namoos, John Willoughby, and Mohammed Barakat

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 Ghiyath Nakshbendi

Jan Brockmeijer (left) and Michael G. Papaioannou

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 Ghiyath Nakshbendi (left) and Abderrahim Foukara

Mario dos Santos Mateus (left) and Miguel Gago

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 Mohammed Barakat (left) and Ameen Estaiteyeh

Kareem Nakshbendi

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 Ghiyath Nakshbendi

Judith Spector

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 Michel Noel (left) and Zhamilia Klycheva

Abdullah AlHassan (left) and Celeste Lo Turco

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 (L-R): Michael G. Papaioannou, Abdullah AlHassan, Geoffrey G. Davis, Adam Ereli, and Timothy Timura

Michael G. Papaioannou

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 Patrick N. Theros

Jan Brockmeijer

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 Ameen Estaiteyeh

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 John Duke Anthony

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 (L-R): Rachel Donnelly, Robert Brockmeijer, Ghiyath Nakshbendi, Abdullah Al-Hammadi, and Bader Alkadi

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 (L-R): Bader Alkadi, Ghiyath Nakshbendi, Rachel Donnelly, Robert Brockmeijer, Sherita Holt, and Hamad Alrushaid

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 John Duke Anthony (left) and Ghiyath Nakshbendi

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 (L-R): Rachel Donnelly, John Duke Anthony, Ghiyath Nakshbendi, Robert Brockmeijer, and Bader Alkadi

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 Ghiyath Nakshbendi

Ajay Adhikari

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 Rachel Donnelly (left) and Sherita Holt

Hung Tran

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 John Duke Anthony

John Duke Anthony

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 Hung Tran

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